Alameda, California – A unique property located near schools and a community center in Alameda is currently on the market for $400,000. However, there’s a twist – the property is underwater.
The real estate agent and broker, April Jones, expressed initial surprise upon discovering the listing at 610 Grand Street, which is open about its aquatic location. Described as a “water lot,” the property presents an opportunity for investors and developers to create a one-of-a-kind living space.
Spanning 10,130 square feet, with no bedrooms or bathrooms, the lot is situated within a residential lagoon, offering a potential buyer the chance to build a tranquil oasis in a waterside setting. However, before any development can take place, approval must be sought from various regulatory bodies including the city of Alameda, the Army Corp of Engineers, the Water Board, Public Works, and the Bay Conservation and Development Commission.
Despite the challenges involved in developing the property, the allure lies in its prime location just minutes away from the Alameda South Shore Shopping Center, Oakland airport, and the Coliseum. The property has been on the market for 303 days, attracting interest from various parties including an engineer.
The history of the property reveals that it was once part of San Francisco Bay tideland and owned by Arthur Cleveland Oppenheimer, a prominent fruit-processing magnate. Surprisingly, the property saw a change in ownership in 2023 when it was auctioned off for $100,100 to a San Lorenzo-based pastor, who was unaware of its underwater status until visited by Jones.
The pastor, who sought to purchase the property due to its affordability, is now looking to sell the property to recoup his investment. Despite the setbacks, Jones emphasizes the importance of thorough research and due diligence before purchasing any property, highlighting the need to physically inspect the location.
In a bid to showcase the property, the pastor is making efforts to find a buyer who appreciates the potential of this unconventional real estate opportunity.